Riyadh – Mubasher: The National Transformation Program (NTP) adopted by Saudi Arabia has resulted in increasing the average size of initial public offerings (IPO) to $450 million from $367 million, Khalid Al Ghamdi, CEO of anb Capital, stated during the Saudi Capital Market Forum 2024.

The growth in the average size of IPOs since the implementation of the NTP reflects an enhancement in the quality and profitability of companies coming to the Saudi market, Al Ghamdi noted during the two-day event as cited in a press release.

The CEO further said that the Saudi Exchange (Tadawul) raised a total of $21 billion between 2016 to 2023, excluding the Saudi Arabian Oil Company (Aramco), which is equivalent to the amount raised in the eight-year period before the implementation of the NTP.

During the event which took place in Riyadh on 19 and 20 February, Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA), revealed that the number of IPOs in the pipeline across Tadawul increased by 30% to 56.